This is the first time I have every posted on any Dinar board before. Give yah a little backround, I have been invested in the dinar with close friends for a few years. I'm sure everyones got a great story as to how they got invested and the circumstances surrounding their decision so I'll spare you.

Since Iv'e been invested I threw the Dinar in my sock drawer and never though about it until about a month ago when I felt an exitement about this thing really happening.

So i began reasearching not as much from a point of, "how soon!!!!!", but from more, "what am I going to do when it happens". I am fully assured that the Dinar will take people from rags to richs and zero to hero, so that is not my concern I leave that to God. So I have urgency, but it's based on following biblical principles of a good stewart....Read More Link On Right

I see many people on the forums that take the mindset of "Going to the bank!" "cashing in!" "Pay my taxes whatever they want fine, I'll take what I can get". I by no means am trying to demean people that feel that way, but I don't understand the mindset behind it. Lets say that we do get taxed at an income tax rate after the exchange costs your looking at close to %40 of your money completely gone in one day. "poof" oh and depending on what state your in it could be another %10 gone, and then go to spend it in a state with sales tax %6-10 more!

Then on top of that you have forever put the IRS scope on your back. how can you be okay with this? I know this is worst case scenario, but there is a big possibility this could happen. I am 24 years old working full time and in a full time MBA program. My wife is still in school and doesn't work. The job I work at is a corporate sales job. I don't make a ton of money but I get taxed at %40 because im on commissions. (I do get some back) but Seeing almost half of my paycheck gone every month when I'm young and trying to provide for my family is not a fun thing to have happen.

I don't hate taxes or despise the government for taking them, but you can be sure I will never pay a dime more than I have to. long story short I started Looking into the correct way to handle this investment. Here is the plan that I have come up with, It is legal and it will save me so much money I can actually do great things with this investment, not just good things. (if anyone has better ideas let me know, this is the best way iv'e found so far.) First, I will take a $25,000 dollar dinar and cash it in. This will give me the resources to put the rest of my plan into action. (I'll let them tax me at income level on 25,000 thats it!)

Next I will hop on a plane and head to a private bank or any secure bank and I will deposit my dinar into the account. depending on the stability of the Dinar and the amount it RV's for, I will avoid an exchange fee and keep it in dinar, or I will exchange it into the steadiest currency I feel at that time.

Next i will tie my newly acquired account into my newly formed LLC based out of Nevade(the swiss banks of LLC's). Then I will start trading in the forex. there you go, the only time I will pay taxes is when I pull money out of the LLC for my salary, or pay capital gains on my LLC's investments, and the government will not be able to touch my newly acquired wealth. Like I said I do not mind paying taxes, but being young with no great source of income, getting half of my DInar investment taken away in the first year, will really hurt me in the future. I welcome anybody who has an opinion on this. Actually I would love to hear peoples plans and Ideas. I feel Like I still have much to learn. (if you think what I'm doing is immoral or unethical, that is fine, but I don not believe this breaks any U.S. laws, so my conscience is clean.) -I cannot say the same for our government. :P/> (Kidding!) Thanks everyone for for posting on this forum, I have learned alot from you all the past few years .Belecosity(Recaps Note - Any typos - spelling - or grammatical errors are NOT Recaps -- It is not our responsibility to proof & edit grammatical errors from other peoples work - sometimes we do if time allows ) (Dinar Recaps Note: This post is for informational purposes only. It is not legal, tax or investment advice. Dinar Recaps advises that everyone should do their own due diligence and seek local Professional tax, legal and/or investment advisers.)

soundman

2/8/2013 04:43:47 am

I would be very careful of forex...have been trying to get the hang of it for 6 years and have not got yet ....have jioned groups ,paid hundreds of dollars for videos on how to do it and jioned ,I don't how many webinars that ( will teach you a proven way to make money)...but as of today all I have to show for it is a loss of over a 100,000 dollars and I have never had it proven to me that it is possible to make money on forex....everytime I ask for proof of someone great trading skills it never appears .....so I can only assume it is BS...if you choose to do it anyway well bless you and all the best

lilcricket

2/8/2013 05:41:41 am

At this point in time this event is NON TAXABLE anyway...
http://www.huffingtonpost.com/pete-stark/currency-tax----a-way-to_b_652884.html Research this bill.... Do I think it will REMAIN non taxable? No...but if we RV this moment there is a ZERO tax rate....
When and if there is a tax I will gladly pay to Cesar what is Caesars, but until a bill is passed to tax this I am paying zero.... (Just like the bank sends you a tax form on interest IF this is a taxable event you will get a tax form)Just my 2 cents but I do not think we willknow until this pops....

RealityBites

2/8/2013 04:45:27 am

You are young and lots to learn... first of all the %rate of losing your money is the Forex is probably greater than the 40%+ tax rate but it's probably still less than the cost of your sock drawer burning up in fire.

Wish you luck with your plan... first find a SAFE place of your dinar, maybe a safe-deposit box & here's another tip take a 25K dinar note & cash it in then use some of that money to get a GOOD & HONEST financial planner. Then sit back and enjoy life, avoid the Forex.

I really do wish you luck and a good life for your family and friends.

here we go

2/8/2013 04:46:55 am

I'll also cash in only a small amount, 25 - 50K and then execute my plan: I'll move to WY. Why? OK, first of all: NO state income taxes (neither personal, nor business), secondly: the most conservative state (NO, it's not Texas). Then I try to find a bank (USA, CAN, Switzerland) where I can open a IQD-account and deposit the money on the account - as IQD, i.e. NO taxable action. This account will belong to a trust or family foundation. Then the trust/foundation will invest in (own) companies, build a home, etc. and I (i.e. the turst/foundation) will cash in (i.e. change in USD and deposit it in an USD-account) whatever I need. As soon as I see that Iraq gets in trouble again (and this WILL happen - after all we are dealing with Islam), I'll cash in the remaining IQD's. The tax rate will be 20% capital gain for longterm + the 3.8% which are buried in Obamacraptaxcare. NO additional taxes.

good plan

2/8/2013 06:02:37 am

I like this strategy......the family foundation receives a determination letter from the IRS as a tax exempt entity......there are four areas of learning for an effective foundation: governance, management, grant making and investment. A qualified family foundation is a great way of doing very very well by doing alot of very very good. Trustee(s) must distribute 5% annually of the value of the investment assets to charity or toward the expense of furthering the purposes of the "family" foundation. The foundation is a qualified 501(c)(3) and therefore approved of by the IRS and satisfying the argument that one must pay taxes to be a patriot. Understand that taxes are merely social capital. There are 2 types: voluntary and involuntary. You have a choice. The nonprofit sector is the 3rd pillar of our economy. It is huge, respected and necessary for the social good. To freely give is a virtue.....to be compelled to give is a vice.

Guatman

2/8/2013 06:33:04 am

if you put the dinar in a family foundation, those are charitable trust "foundation" and are tax free, so it doesn't matter when you cash it in as long it is in the foundation. only thing is with the family foundation you have to spend/give to charitable foundations 5% a year which includes expenses.

TYJFORAbdntLf

2/8/2013 06:39:15 am

From all the research I've done and what I'm learning through other organizations and people the trust funds are the way to go. Not LLCs whether they are Nevada or Wyoming. Do your research on the IRS, Fed'l reserve, original constitution, etc. and learn what it really is and you will all avoid giving your money over to them. Keep the government, IRS and financial planners out of your business. My friend won 2 law suits and the lawyers stole it all. She got not one red cent. You do the sweat equity, work hard, research on this one and protect you and yours. Keep God first and listen to his directions. His law supersede the law of man but knowledge is truly powerful.

Jackelope

2/8/2013 11:28:39 am

Tennessee is also a non-income tax state. The weather here is much more to my liking than any northern state, and I was born and raised in Ohio, so I am very knowlegable of the weather up north. I have been to Wyoming in the wintertime and I always thought Ohio weather was bad enough. Wyoming is beautiful, but the weather in the winter is unbearable for many. There are other locations that are also income tax free, but watch out for the sales tax. It more than makes up for the no income tax factor.

kenneth

2/8/2013 04:50:50 am

tax evasion. not cool. not patriotic either. i disapprove.

RedAg93

2/8/2013 05:18:51 am

There is a difference in tax evasion and tax minimization / deferment strategies. It is the right of every person to use every legal option to minimize or defer paying their taxes. 401Ks and Roth IRAs are examples of this most of us are used to using.

if you are forming a business or the like because you want to sell something, produce income, etc then that is of course fine. if you are setting up loophole businesses, hidden accounts, etc to muddy waters and just for the sake of paying less tax, then that is just greedy and wrong. as the bible states, the intent of your heart is what matters. our country will NOT go bankrupt, don't be silly. just because something is legal, does not mean it is morally right. i respect your views, everyone, and i understand you can do it legally. that doesn't make it ok. i will pay whatever is due to the govt and just be glad that i have a profit to be taxed. this is still the greatest country to ever exist, and we all have to contribute in order to provide for our land of opportunity and freedom. i don't like taxes, but i am happy to pay my dues as an American.

someone mentioned moving to another state to avoid like 10% income tax? that's ridiculous and greedy. pay what is due and enjoy your remaining money.

2cupssugar

2/8/2013 05:44:22 am

Tax avoidance and tax evasion are two entirely different terms.

JlhKy

2/8/2013 05:50:58 am

Before you criticize, you need to learn difference between evasion and avoidance. Tax avoidance by definition is legal and certainly not immoral. It is no different than availing oneself of charitable etc deductions. Furthermore, with the $$ saved by avoidance we have more available to help others for which there is a moral obligation if we can afford it.

Jim Whitby

2/8/2013 05:51:14 am

The Federal Government and the State are your worst enemies concerning your own accumulated wealth. Their main objective is to separate you from as much of your wealth as possible. Don't be deceived. Knowledge plus experience equals wisdom.

TYJFORAbdntLf

2/8/2013 06:26:27 am

Who is trying to be patriotic? Just honor God.

Sondra Newman

2/8/2013 09:28:13 am

Amen TY & Kenneth,
I shall deposit my money in my account, go see my cpa file my taxes as american citizen be done with it, and move on with my life.

I will do it the right way. Anyone thinking they will get by the IRS is only fooling them selfs!! Will not happen. IMO

Jackelope

2/8/2013 11:33:26 am

Honoring God is a given, and should remain in first place. But being Patriotic is not only necessary, but is an honor to behold. The United States of America is without a doubt the finest country in our world. So honor God and be Patriotic both. God will recognize that when you eventually meet, if you do, of course.

HighRVHopes

2/8/2013 07:05:38 am

Supreme Court Justice Holmes said: It the duty of every America to avoid paying any more in taxes than is necessary, but not to evade paying taxes". According to your theory about half the country is unpatriotly not paying their fair share

good plan

2/8/2013 09:40:55 am

Tax planning is very cool.......and very patriotic. The dollars you retain and put back into the economy is much more efficient than the gov. Oh, and by the way if your tax planning is done wisely you need not worry. If you don't take action then the gov. will and it will be very expensive. Your money, your stewardship, your happiness!

Jackelope

2/8/2013 11:21:06 am

You are right, tax evasion is illegal, however, tax avoidance is completely legal. This can be done by using a Charitable Remainder Trust, which can provide up to 10% income to the beneficiary of the trust. Upon the death of the beneficiary, the remaining money in the CRT then goes to the organization that you designated at the time you set up the trust, or changed it to afterwards. Of course, there is more to it than this, but this is the basic way it works. Consult a Trust Attorney if it is of interest to you.

hardley101

2/8/2013 04:51:27 am

Sounds like an interesting plan but you might want to check with a tax advisor before implementing it. My tax advisor has told me that the IRS views a single person LLC as merely an extension of onesself and provides no tax benefit. The income from the LLC will pass directly to the owner, manager or director and be taxed according to their tax bracket. It doesn't matter if the LLC is formed in NV, WY or DE. I am not telling you what to do, rather advising you to seek competent professional advise as trying to settle issues after the fact are usually more difficult than doing it right the first time. Good luck and God Bless.

wittsend

2/8/2013 05:47:02 am

You need a new tax advisor.

again

2/8/2013 06:07:59 am

I think you are right on the single owner LLC. What you might consider is having another owner, i.e. a private family foundation. If the LLC is a pass thru entity (IRS form 1065) then whatever distributions (k-1) received by the owners (you and the foundation) are responsible for the tax liability. The foundation is tax exempt thereby alleviating that problem as one of the owners, albeit there are rules for the foundation to adhere to but nonetheless wealth is always about control, flexibility and tax minimization. Just some thoughts.

Dinar Owner from NY

2/8/2013 04:54:37 am

Pffft - I guarantee you he'll end up losing it on the Forex.

First rule in life my friend is to get a roof over your head - Purchase a home that's fully paid for so that you at least have a place to live BEFORE you spend on any other purchases.

Because you're young, you could work for a number of years to get medical benefits and such but you could pocket most of your paycheck as your home would be paid off.

Secondly, I'd recommend looking at preferred stocks that pay high dividends so you can generate income that might cover the cost of your annual electric bill or other utilities.

The only expense you might have is your quarterly tax payment on your house - for this i'd also recommend buying physical gold or silver to offset any depreciation in the value of the US Dollar. Taxes always have to be paid regardless of what shape the Dollar is in.

CDARS are also another good investment that's safe enough for you to protect a large sum of money.

You have many options and, depending on your age, you can pick what best works for you.

belecosity

2/8/2013 07:28:43 am

I appreciate all the advise and will def. diversify the best I can.
as in regards to the forex :). We have a family friend who was recently killed in a motorcycle accident last year who took at $20,000 account into the forex and turned it in to $90,000,000. his name is Dan Gaub, look him up if you don't believe me. I'm not claiming to be him, but when there's a will there's a way. It will not be easy, but when is anything ever easy that's worth fighting for.

Jackelope

2/8/2013 11:40:04 am

I agree, but would like to offer an additional money-making opportunity that no one has mentioned. I am not refering to a scheme, but many real estate investors have problems getting financing on their real estate deals. I am planning on using some of my investment returns to use in the Private Mortgage Investing business, thereby helping those real estate investors make an honest living and be able to help the eventual home-owner to achieve their dream home.

Vote4RV

2/8/2013 04:56:30 am

1) cash exchange may not be taxed. Since most of us did not buy on account, we may face no taxes as there is no tax on money when you buy foreign goods/currency like the Kuwait RV.

2) laws change. Don't think for a minute that they are not going to try to get our funds. Waiting could cost you more.

3) Consider giving in Dinar before you cash so that you don't go over the 13k per person per year limit to avoid inheritance tax. Also let your church do their own cash in

First of all, if you are having income tax withheld at a rate of 40%, you need to see an accountant and calculate your withholding exemptions to reduce your witholding rate. Based on the fact that your wilfe is still in school, you should be receiving education tax credits on your return. When forming your LLC as has become the popular advice on these boards, please remember that it must be a legitimate income producing business. You should also be aware that this will be a currency exchange and not a taxable event. Do some more research before putting your plan into place.

Lucky B

2/8/2013 05:07:21 am

i like what you said all tho we all have our own personal agendas
thank God i have spell check , ( works half the time ) . and can wish you the best , being a young man and a wife still in school busting your hump , to be a good provider can truly take a large told a 8 hour day can turn into a 18 20 hr day , with out a problem .
it is good to have a foundishion plain of action . i was a truck Driver and seen many become an owner operaitor in the first 2 maybe 3 years of driving only to loose it all . have you ever hard 2 is compant and three is a croud . il explain it like this . if you make 2 dollars . and you have to pay tax on that 2 dollars you will have less than 2 dollars after tax and you need that 2 dollars . so instead of making 2 dolars you make 3 they take that 3rd dollar and you still have 2 dollars what you need . there is a reason for two is company 3 is a croud , if you buy any curency . dont just buy one of it buy 3 of it . because that third will take care of the other two . take care of all taxes exctra . you are going to have throw away ,
i know may dont like top hear about it but you want to make sure the fat is protected . and the fat is the meat . many will not agree with me . and manmy will . if you purchased say 30 million dinar ,
and it comes to exchange say at 2.75 i cant even count that high ,
but it tells me you will not pay 10 million you will pay a chunk , true but you will retain 20 million and some change , i believe the goverment does the same . they always have a pile of mad money .
or pay off money to protect what they want to retain . its like that extra coffee can with a few dollars thats is hid . you mnow what its for and the wife finds it and she knows what its for . walmart . look hunny at what i got . thats monies you hid for her , lol. if you buy 2 in a currency make sure you have 3 never go even always go odd . this way you will make sure you get your meat and the ones standing with there hands out only get the potatoes , and maybe some gravy .

RedAg93

2/8/2013 05:09:57 am

I agree with your exchanging your 25K but next I would take your dinar our of your sock drawer and at least move it to a safety deposit box. Then I would get financial planning and estate / tax legal advise before you do anything else.

RedAg93

2/8/2013 05:48:38 am

One other thing...diversify but ONLY in things you understand

Guatman

2/8/2013 06:42:14 am

in some states it is illegal to keep cash in a safe depost box in a bank. Should check into that

Charley Chin

2/8/2013 10:30:04 am

If you think that a safty box at a bank is a good place to keep your
$$$$$ holding, think again, If the IRS wants to, they can put a hold on your box for any reason and you can not get into.....NOW WHERE ,OR WHAT DO YOU DO NOW ????????????? To bad, so sad IRS is glad.

Dinar Owner from NY

2/8/2013 05:10:04 am

Another booming News Day on the Dinar front.

Makes me wonder if anyone in Iraq actually works for a living.

wittsend

2/8/2013 05:13:06 am

I think you need to seek advice from a tax attorney or a CPA inasmuch as you are under a number of false impressions. Good luck!

Michigan Builder

2/8/2013 05:14:02 am

I did a little research on the nevada corps. and I didn't like what I found. I believe that any money that you have from your home state and move into a new corp. you will still have to pay your state tax. Unless you have that neveda corp for more then a year. You should look deeper into the new laws about transfering money from your home state into neveda because they know people where doing this to save on paying there state taxes.

hello belecosity that was very nice on your protection and shared that on this site...im very impressed that your 24 and have very good pr...that's was nice thank you for your help to all that have been on this site.

Steve

2/8/2013 05:19:14 am

I see several problems. I formed LLC,and put it in a trust. Then capitalized the LLC with dinar before the exchange. Trust is held by a trust bank. I buy big ticket items out of LLC...car, house, etc. Trust is written up to take care of family at death. If I need to move money out of US, use Australian gold certificates or purchase property in other countries, get second citizenship, sell property. Just my plan.

ken153

2/8/2013 05:27:38 am

Hey, LLC's are great but the do not offer you protection from law suits and creditor seizures. There are IRS approved trusts that allow tax deferment on extraordinary investments and prevent creditor liens and court order turnovers of assets held in this type of trust. For example capitalization of L.L.C.' s and qualified trusts are not taxable events, but the qualified trust give asset protection based on Scot on trust law. 99.5 % of lawyers in the U.S.A. are not trained in this type of trust and they are expensive. Go to 911trust.com and ask for trust information and do your own homework and see if it's for you.

Blessings,
Ken153

jimbucks

2/8/2013 05:27:59 am

Can the corporate veil be lifted? You better believe it can! Do your homework. I like trusts...own nothing, control everything.

Oh, and Kenneth, this is not tax evasion. No matter how you slice it, there is no reason to pay a dime more tax than you need to. Patriotic? give me a break. The founding fathers would turn in their graves if they knew how we are being taxed!

Hallie

2/8/2013 05:43:46 am

AMEN!!!!
"Patriotism means to stand by the country. It does not mean to stand by the president or any other public official." -- Theodore Roosevelt

wittsend

2/8/2013 05:44:56 am

It is very difficult to "pierce the corporate vei" (I prefer the phrase "lift the corporate skirt") if your treatment of the corporation is completely separate from you the individual, i.e. keep separate accounting records, file tax returns for the entity, never commingle funds, never treat the corporation as an "alter ego" and file the necessary license renewal with the state government each year. You do those things and you will maintain that protection that you seek. The same holds true for LLCs and subchapter-S corporations although the sub-S can be a bit tricky. Keep a tax advisor handy with a sub-S.

2cupssugar

2/8/2013 05:50:22 am

Amen!

Abel

2/8/2013 05:31:52 am

I just feel like when this global currency reilingment happens all laws and taxes and our live as we know it will be turned upside down. If the Fed is trully gone, the irs was established by the Fed for the Fed. They might just go by by with them. Lets all hope!!

To echo the sentiments already posted....get some good financial help and definitely put a roof over your head first. There are lots of ways to invest this money as mentioned by many others on this site. I would definitely stay away from forex. There are CD's out there, investments in other countries which pay 7-10% interest...personally I was thinking of an annuity, much like lottery winners get. Put a chunk of change in there that will pay me over 20-30 years so I have a smaller amount of $$$ to manage.
Depending on how much you bought, I would also keep your job for awhile. You have no clue what your future holds for the next 50+ years and no guarantees the money can last that long. You don't want to wind up 40 yrs old, out of money and no marketable job skills in the last 16 years.

Kenneth - by the way, this isn't tax evasion, it's using the rules as they exist to your benefit. None of us wants to pay more than we have to , but nobody is advocating paying nothing or doing something illegal either.

dongre

2/8/2013 05:42:15 am

Listen you are a young man with a family and know things are not that simple and we all need to get a tax attorney and take it from there. We all do not need to be in trouble do we. People have gone to jail before for this. Dongre Let us all be wise and seed professional help the very best!! God bless us all.

Dan

2/8/2013 05:44:43 am

does anyone know how Romney is doing this.
out of country banking, LLC's, Trusts, Mutuals, etc.. ?!? .. tax avoidance
if it's good enough for a running presidential candidate, it's good enough for me.

wittsend

2/8/2013 07:52:49 am

How Romney does it is simple: he hires good financial advisors of various types, I.e., attorneys, accountants and investment counselors and he both follows their advice and learns from them. Then he watches closely to make sure that they do what they said they would do. That is a general, simplistic explanation of how most of the wealthy handle their affairs.

Romney is living off the capital gains from his investments. I just saw an article about this recently If you remember a couple weeks ago Phil MIckelson the golfer, complained about the amount of tax he was paying. His income is coming from his work, not investments earning capital gains. The US penalizes the worker and rewards the rich investor....income tax at the top rate was like 39% and the top capital gains tax was 20%. In Romney's case, his taxes got reduced because of the amount of money he sent to charities.

TV

2/8/2013 09:56:20 am

Mark, get a little more research done. Romney invested already 'taxed' dollars into investments. The cap gains on the investments was additional.
More than likely he was utilizing ' legal ' tools for tax minimization. Anyone that complains about ' Patriots' utilizing tax minimization strategies that fall legally withing IRS code truly need to research and learn to extinguish their own ignorance before making statements accordingly.

Bill

2/8/2013 05:50:20 am

I got a good idea!!
just give it to me HaHa
You might as well rather than playing the Forex

Good your planning, but you got more homework to do. Lets hope this will not be a taxable event. It still in the air and may get challenged, the VND is traded everyday with no taxes as is many other currencies. 2. cash that 25K. 3. Get a real good tax they are not cheap but they will keep you more money for your family. Make sure that LLC is a real live money making one. If you got enough dinar spread it in more than one currency. Then invest wisely. Might want to look at Soveign Investor, they invest worldwide, they will sell you reasonably a list of top 10 picks world wide. And use a broker of your choice, I like one close to sit down and talk with. Soveign had one last year, a brazilian oil co. that paid a wopping 996% return in a 12 month span. Other than that unless rules have changed again max tax on working corp is 23% and a lot more ways to use deductions. Good luck in your ventures.

Belecosity,
Don't over look the fact that all tax paying Americans must reveal on your tax return any foreign banks accounts. It would be a bad idea to ignore.

Bob Golden

2/8/2013 06:21:47 am

what are we going to do about IRS Publication 525 p. 33 where it says we pay capital gains tax on any amount over $200.00? My CPA tells me that any exchange will be taxed even if you put it in an LLC or TRUST.

belecosity

2/8/2013 07:13:07 am

Even if it is a %20 CG tax. isn't that better than clsoe to %40 fenderal income tax, and possible another \%10, not to meantion the fact that the hope of deductions and tax breaks go right out the window if it's personal. I could be wrong, but it could be the difference between a few million.

Revolution

2/8/2013 06:43:32 am

I believe it is a workable plan. One change is to set up a corporation off shore for more safety and less tax consequence. The Forex is a tough market and you need to sit on it and manage the trades by the minute. There are better investments returns and safer in currency CD's and bonds outside the US. Think like the millionaires who are running the world currencies.

Belecosity

2/8/2013 07:11:03 am

Great Idea! Iv'e actually been looking into that and have heard how that has really helped alot of businesses. hey, basically every major corp does this to some extent, and there alot smarter than me.

Belecosity

2/8/2013 06:44:51 am

Hey Everyone, This was actually my first post on any forum so I feel blessed to have this posted on my favorite site :). Thanks everyone for all the advise(as I know everyone needs it) and I really appreciate all the concern and help. I am actually in the process of setting up a trust for my LLC(jount managed with my father). It is actually a cash flowing LLC and it has been owned for a few years(so I think I should be good there).
To other posters above. If this is not taxed Praise God!!!!! but I don't believe I should take that risk on a hope.

To others who say it is immoral to try and save as much money as you can. I did wrestle with this in prayer because the last thing I want to do with this gift is to start it off in an ungodly manner. With that being said, I don't feel like trying to save an extra %20 of my investment is wrong. Like others have said before I am not trying to evade taxes. I will pay what I owe, not a penny more. Each doolar I pay in taxes is a dollar less that goes to God.

To the Forex, I have actually been trading the Forex and Futures market for quite some time. (about 5 years). Iv'e had my ups and downs, and I realize it's just as rigged an manipulated as anything is today. You may think I will fail, but I believe it's what I'm supposed to do, thats why I know I won't. "If my God is for me than who can stand against me". All I can do is believe and step out in faith. Start small, lose small. I have only been able to work with a 5K account and have made money, but we all now 5K is nothing if you want to be serious about it.
hey that's where the RV comes in.

again, thanks everyone for the advise and criticism. be blessed!

Candy

2/8/2013 07:07:24 am

this WILL be taxable. Please read publication 525, page 30 of the IRS code. this deals specifically with currency exchange, and it is considered a capital gain.

beryl-joan

2/8/2013 07:14:30 am

You must look at the definitions as to whom that publication applys. It applys to those in "a trade or business"! Are you making widgets and selling them overseas? Probably not! That Publication is for people who make and trade products internationally. It is not for this event! Show the law that applys I have not seen it yet nor have I seen one that makes me liable. I want to see the Constitutional foundation, the Statue and the Code of Federal Regulation along with the court cases that confirm all of that applys to me.

country boy

2/8/2013 07:09:18 am

I think my system fits my age group best. All my children and grand children have their own Dinar. I will take mine and celebrate my 81st. birthday on a warm beach somewhere having a drink (with a little umbrella in it) with my best lady friend. Rest of my life to be having fun.

JSL

2/8/2013 07:55:05 am

Country Boy, I like this - that's eactly what we did - and everyone's all set... thanks for sharing... See you on the beach some place....

midwesttaxguy

2/8/2013 07:13:00 am

Belicosity-you are way, way off track my friend. There are no "swiss bank" LLC States. LLC is a simply a legal entity classification and does not convey tax-free tax attributes. Readers, please do not take this advice as it cannot be any more incorrect. Belicosity, please cite and share the section of the Internal Revenue Code that you are drawing from which states that LLC's are somehow tax-free advantaged. You won't find it.

Taxed only on what you take out of a LLC? Wrong. When income is produced it will be taxed. You cannot "park" income and decide when it becomes taxable income. Ever heard of constructive receipt? You (or your investments) produce income and it is available to you makes it your taxable income.

Folks, don't buy this hogwash. I've read several descriptions that people throw out about various entity forms that can somehow hold untaxed income and they're just wrong, wrong, wrong. Income, when produced or brought into existence, will be taxed either at the entity level or the individual level. If you have an investment creating interest income or dividends, cap gains, etc., that income will most certainly be subject to taxation no matter what "protected" entity form it exists in.

This repetitive mention of trusts, family foundations, blah blah blah as somehow untouchable for tax purposes is pure nonsense.

belecosity

2/8/2013 08:02:06 am

Sorry to get you so upset, not my intention at all. Just throwing my ideas out there for advise or agreement. I guess I should rephrase on the "No Tax" what I really meant is sparing myself personal and state income tax. In reference to a "swiss" style LLC, I do stand by it. Not for the fact of taxes, but in the fact that the burden of proof for audits and tax charges lies on the IRS not yourself to prove you have not done anything wrong. hmm, kind of like a swiss bank. I agree that I will be taxed on any income from interest inside an LLC or trust, but how does that take from the initial amount of money placed into a trust?
If I am wrong then I will admit it, but like my Nevada LLC I place the burden of proof on you to tell me I am. please cite and share the section of the Internal Revenue Code where you are correct. Gosh if im wrong I want to know.

midwesttaxguy

2/8/2013 11:40:30 am

Read http://www.irs.gov/Businesses/Small-Businesses-&-Self-Employed/Abusive-Trust-Tax-Evasion-Schemes---Law-and-Arguments-(Section-III) for an overview of how non-grantor trusts are taxed. Specifically, this talk of parking income in an irrevocable trust is just wrong.

"If the trust is not a sham and is not a grantor trust, the trust's income (reduced by amounts distributed to beneficiaries) is taxable. The trust must obtain a taxpayer identification number and file annual returns reporting its income. The trust must report distributions to beneficiaries on Forms K-1 and the beneficiary must include the distributed income on the beneficiary's tax return. (IRC §§ 641, 651, 652, 661 and 662)".

If an irrevocable trust earns income that income will be taxed at the trust level or at the individual beneficiary level. Whatever the trust earns will be taxable to the trust unless the trust pays out its income to a beneficiary who then pays the tax on the income.

Be careful with your understanding of things.

asgower

2/8/2013 07:44:45 am

YOU FORGOT TO INCLUDE GOD'S minimum of 10%

Mo

2/8/2013 07:45:14 am

This is what I got from my accountant on Capital Gains.....
Capital Gains and Dividends. The maximum capital gains tax will rise from 15% to 20% for individuals taxed at the 39.6% rates. All other taxpayers will continue to enjoy a capital gains and dividends tax at a maximum rate of 15%. A zero percent rate will also continue to apply to capital gains and dividends to the extent income falls below the top of the 15% income tax bracket–projected for 2013 to be $72,500 for joint filers and $36,250 for singles. Qualified dividends for all taxpayers continue to be taxed at capital gains rates, rather than ordinary income tax rates as prior to 2003

My financial vehicle (as per Bulldog75's recommendation) will beCopyrighted Complex, Non-Grantor, Irrevocable, Discretionary Trust with Spendthrift Provisions. I will do everything (that's EVERYTHING) from within this tool.

tax?

2/8/2013 08:18:40 am

Where do people get off thinking this is going to be taxed as if we are winning the lottery?! If you were going on a trip to europe and you exchanged for idk lets say 150,000 euros. Your trip is over you come back to the states and decide to exchange the remainijg 100,000 euros for usd. DO YOU PAY TAXES!? NO! Sure you may pay a small percent or flat CE rate but not damn near 50%! People we hold MONEY iqd is money. Meaning when this revalues we would then currently be holding money that is worth whatever it is before you even exchange for USD. Its money exchanging for money. That is not taxable! We are investing in the dinar but we are investing in am actual currency! This isnt a stock share, we arent pulling the money out of an account when it rvs, this is like having a ton of bricks of gold and then turning it in for money that we use in our countries.

Mightmo

2/8/2013 12:10:08 pm

Consider the original purpose of us buying (investing) in dinar - to make a profit! Not to take dinar to Iraq, spend it there, then return with some left over and exchange it back to dollars and not pay tax on the difference. We really will not know how this will roll out until after the RV. In the meantime, calculate whatever % you want for taxes and be ready to put it aside until we know what REALITY is about our 'investment' and taxes.

luke

2/8/2013 08:24:33 am

after consulting with a tax guy a cpa guy AND a irs guy all three agreed that one should send in your dinar to the irs and they will take it to the CE make the exchange themselves so they get the best deal available and then they will send back to you what is yours to keep, sounds like A safe PLAN. all should truct and pay their fair share...

Bill

2/8/2013 08:40:15 am

Income, is income,

No matter were or what it comes from it's taxable

You might save some tax but the taxman always gets his share!!

Eva Stjarnborg

2/8/2013 09:30:00 am

If you are really hellbent on trading a manipulated market like Forex, it would serve you to open an account at a disount broker where you have access to a simulated trading platform, and start practicing before you go live with your money. You might also want to look into trading emini futures. I did both and much prefer the latterl; shorter time frames and better risk:reward, especially the Russell 2000 Index, symbol TF.

belecosity

2/9/2013 01:52:46 am

Great advise, that's what iv'e been doing for the last 3 years. Use to love TF but I feel like it has a mind of it's own. used to think it was directly tied to ES. Made that mistake a few times :) now I take it on it's own and just draw lines and treat it as a separate entity. I have been staying in futures for now until I have a larger account. The three tick spread on the Forex can really kill the small guys.

John

2/8/2013 10:31:57 am

I'm Confused........you get on a plane to go over seas?.....to open an off shore account....is that right.......either way......TSA will ask you to declare if you have more than $10,000 of currency that you are carrying......if you say no...and they find it......it will be a long time before you get it back......and I have to believe they will be looking for this post RV.........even on domestic flights...

I just love all this "cart before the horse" chatter. I'm an investor too but last I checked I'm still sitting on worthless paper. Hopefully someday (sooner than later) we will have a return on investment and something to ponder about. We have the rest of our lives to get proper advice from professionals. Till then all this speculative talk about this speculative investment is worthless.

Vegas Gypsy

2/8/2013 11:38:17 am

Personally, I believe it's good to be discussing wealth strategies since it puts out positive energy to the Universe. Thoughts are powerful, more than you can imagine. Better than all the talk of Maliki (sp.), budgets, IMF, LOP, CBI, budgets, predictions of dates and rates, and naysayers. Just saying...

Joel & Jarmila

2/8/2013 11:06:17 am

Open a tax account to hold the money you were told you owe.
Pay cash for your home, car, etc. under your trust, take the rest and put
it in a LLC - bank acct offshore. Use what you need for your living when
you need it and give to charity to offset that. Simplified but maybe it has some merit. Blessings to you all